S&P 500 Erases Loss as Consumer-Staples Companies Advance
U.S. stocks erased losses as Wal- Mart Stores Inc. and Costco Wholesale Corp. led consumer-staples companies higher, overshadowing a drop in commodity producers after Alcoa Inc. cut its forecast for aluminum demand.
Costco jumped 4.5 percent after the largest warehouse-club chain’s earnings topped estimates as low prices drove sales. Wal-Mart surged 2.5 percent after saying its back-to-school sales were “very strong.” Alcoa lost 2.6 percent.
The Standard & Poor’s 500 Index was up less than 0.1 percent at 1,442.41 at 10:31 a.m. in New York after dropping as much as 0.3 percent earlier.
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